Christchurch in New Zealand hit by 5.8 earthquake

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Source: Bloomberg

Christchurch, the second biggest city in New Zealand, was hit by sequence of earthquakes, damaging several buildings, flooding roads and pushing rescuers to evacuate shopping centres. No victims, serious injuries or damages were reported. Christchurch still is retrieving from series of quakes which began in September 2010.

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Fri, 23 Dec 2011 08:39:28 GMT

US 30-year mortgage yields drop to record low

Mortgage rates for US 30-year loans fell to the lowest since 1971 amid signals property market is improving. The average borrowing cost on a 30-year mortgage decreased from 3.94% to 3.71% this week. Declining home prices and relatively low interest rates are propelling affordability, claimed Ellen Zentner, Nomura Securities International's senior US economist. 

Fri, 23 Dec 2011 08:37:51 GMT

Australian currency appreciates on US economic data

The Australian Dollar climbed on Friday extending gains for current week ahead of US reports that are likely to show progress in consumer spending and housing sales, bolstering demand for riskier currencies. Aussie added 0.4% to $1.0166 in Sydney, ending at weekly gain of 1.8%. Kiwi lost 0.3% after the earthquake. Currently AUD/USD is trading at $1.0160 while NZD/USD is trading at $0.7746. 

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